Why Not Require the “Undeserving Rich” to Serve Our Country?
I am sick and tired of hearing Republicans in Congress rail against the “Undeserving Poor”. I am far more concerned about the “Undeserving Rich” who are not doing anything to serve our country. Young people who receive the maximum allowable untaxed gift from each parent and grandparent from birth start off in life after college graduation, paid in full by their parents, with four million dollars or more.
How do I get that?
$14,000 a year in stock from each parent and grandparent for 21 years =
($14,000) (6) (21) = $1,764,000
The stock markets done well so $1.764 million in stock would have appreciated to at least $4 million, over $5 million with the dividends reinvested.
Every year, at least 50,000 young people who turn 21 start off their adult lives with over $4 million in capital. Altogether, there at least a half million young people under 30 in the USA starting off in life with inherited and gifted financial wealth over $5 million and annual income from dividends and interest in excess of $100,000. Altogether, the top 1% under 30 have more than $3,000,000,000,000 — three trillion — in financial wealth they have inherited or been gifted.
I think we should pass a law requiring these very rich young people to serve our country for at least 1 year at the federal minimum wage, to be entitled to have their inheritances. Their service could be for the government or for a non profit, but NOT for a religious organization. During their period of service, they should only be allowed to have use of their funds if they pay payroll taxes and a 50% penalty tax beginning upon the first dollar withdrawn. During their period of service, they should be expected to pay all of their living expenses from the minimum wages earned and NOT to receive gifts from their parents and grandparents.
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